Foundation in Hong Kong Plans to Financially Support Sports Through Gambling Revenues

In a recent report, Our Hong Kong Foundation, a think tank focused on Hong Kong's social and economic development, has put forth a comprehensive plan to enhance the local sports sector. The proposed measures aim to attract middle-aged and senior athletes with higher spending power, as well as younger athletes who can bring their families and friends, contributing to the local economy.

The foundation's plan includes the establishment of a new Sports Industry Development Fund, which will generate approximately $55.3 million annually. This fund will support various sporting initiatives, such as hosting events and nurturing promising athletes.

One of the key recommendations is the allocation of 2% of net proceeds from soccer and basketball betting towards the sports sector. This money will be used to fund the Sports Industry Development Fund and other related initiatives.

The report, based on consultations with over 50 stakeholders and international studies, outlines six focus areas: developing industry data, active bidding for and planning of events, enhancing infrastructure, nurturing talent, encouraging public and private funding, and promoting "sportainment".

Other proposals in the report include a certification system to fund innovative events, increased frequency of meetings, seminars, and workshops between sports associations and sponsors, and subsidizing internships at M-brand events and providing extended support for retired athletes in private organizations.

The foundation also encourages the Culture, Sports and Tourism Bureau to onboard statisticians and commission independent research into the overall Hong Kong sports industry. They believe this will provide valuable insights into the sector's potential and areas for improvement.

Our Hong Kong Foundation has also proposed support for mega-events to turn Hong Kong into a mega sports events capital. They believe that these events can boost the city's reputation and attract more tourists, further contributing to the local economy.

While the chairman of the Our Hong Kong Foundation is not identified in the provided search results, the foundation's commitment to the development of Hong Kong's sports industry is clear. They encourage the government to use betting proceeds to enhance the local sports sector and look forward to working with stakeholders to implement these recommendations.

Foundation in Hong Kong Plans to Financially Support Sports Through Gambling Revenues